Automobile Insurance Queries? Ask me

This is a discussion on Automobile Insurance Queries? Ask me within Indian Car Loans & Insurance, part of the Team-BHP Reviews category; @ rjvora_2000 : Sir, thanks to your good advice a lot of doubts about motor insurance has gotten cleared. I ...

@ rjvora_2000 : Sir, thanks to your good advice a lot of doubts about motor insurance has gotten cleared. I had a insurance agent come over today from Maruti Insurance. He gave me a renewal estimate for my 2007 ALTO Lxi which is as follows:

IDV : Rs.2,20,000
NCB : 20% (there have been no claims in 2008 but there have been some claims in the 1st year ie. 2007)
Vehicle Security System : 2.5% less

Finally he quoted Rs. 4832/- for a comprehensive policy from Maruti Bajaj Alliance (after all addition and subtraction).

@ rjvora_2000 : Sir, thanks to your good advice a lot of doubts about motor insurance has gotten cleared. I had a insurance agent come over today from Maruti Insurance. He gave me a renewal estimate for my 2007 ALTO Lxi which is as follows:

IDV : Rs.2,20,000
NCB : 20% (there have been no claims in 2008 but there have been some claims in the 1st year ie. 2007)
Vehicle Security System : 2.5% less

Finally he quoted Rs. 4832/- for a comprehensive policy from Maruti Bajaj Alliance (after all addition and subtraction).

Is that a good deal?

Please ask them what is the % of other discount in this quote. any thing more then 25% is good. (I am not talking about NCB)

This can not be true. The warranty is given by the Car company or the dealer and not by the insurance company. This is valid with all the insurance company including Chola, Hdfc and Bajaj too. - I had check with them.

Thanks for the clarification, I spoke to the guy from HDFC today and pressed for additional discounts, the final offer he was ready to give is:

The original renewal quote was for Rs.8608 for the same IDV. How does the new deal sound? Should i ask specifically whether Voluntary excess has been built into this premium, as I don't see it mentioned in the quote given. Thanks in advance.

The original renewal quote was for Rs.8608 for the same IDV. How does the new deal sound? Should i ask specifically whether Voluntary excess has been built into this premium, as I don't see it mentioned in the quote given. Thanks in advance.

This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

This is a good deal and I don't think so there is any excess in this quote only one change in liability side is there is no P.A. to unnamed passenger is covered. Go for that cover and your premium will increase by Rs. 100 per person for Rs. 2,00,000/- policy but this is a recommend cover for all of us.

I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

I came to know from a friend that govt had changed rules about determining market value of a car, because insurance companies used to heavily discount claims by saying that current market value is lower.

Also found supporting evidence on maruti insurance website:
"government has made it a rule that the value of the vehicle will be taken according to a fixed structure as per the age of the vehicle and insurance co. should take the premium as well as settle the claim for the same value termed as IDV (Insured Declared Value"

Does anyone know when this rule came into force? Is there a govt/ IRDA notification?

Sirji I think you are misreading the statement. What this article saying is that there is a fix structure for calculating the IDV as per the age so that insurance company will not and can not harass the customer for setting the insurance claims.

IDV - This word has only one meaning when it comes to insurance and that is INSURED (My friend this is me and you and not the insurance company) Declared Value.

IDV - Schedule (You will find this in your own motor policy as well)

For first 6 months 5% dep.
from 6 to 12 months 15%
from 13 to 24 months 20%
from 25 to 36 months 30%
from 37 to 48 months 40%
from 49 to 60 months 50% of Ex. showroom price.

Above 60 months (5 years) the Value has to be of an understanding between the insurer and insured.

Further if you still read this clause you will understand that it is clearly written that IDV has to be the market value of the car.

I am a firm believer that any law of insurance can not be against the policy holder and even if any such law is there in insurance then it has to change for the benefit of the client.

Dear I was waiting for some company to give me answer "yes" but I got it conformed from 3 companies all have said big NO on this issue.
Chola, Bajaj, Oriental.

I had a word with the maruti insurance guys today and they told me that i can claim the damages by submitting a copy of the police report.

And I saw the insurance guys at MASS hammering a car with a few minor scratches , breaking down the headlight assembly, ripping open the bonut and then taking pictures so that they can make a claim of a much higher value after the customer has left.

Last edited by mentos : 23rd May 2009 at 23:15.
Reason: wanted to add more.